Addition u/s. 56(2)(viib) deleted since there is no over-valuation shares

East Delhi Leasing P. Ltd Vs ITO (ITAT Delhi) ITAT Delhi held that invocation of provisions of section 56(2)(viib) of the Income Tax Act erroneous as there is no over-valuation of shares over the fair market value of shares. Accordingly, addition made u/s. 56(2)(viib) deleted. Facts- AO, during the course of the assessment proceedings, found that the Assessee had received share capital with premium amounting to Rs. 14.93 crores from two entities viz. M/s King Merchandise (P) Ltd. and M/s BGS Credit (P) Ltd. These shares had a face value of Rs. 10/- each which had been issued with a share premi...